Beazley

Beazley plc Monitor

Beazley plc Annual Report 2017
CR Monitor Issue: 
2018/0616
Company covered: 
Beazley plc
Period End: 
31 December, 2017
Report issued on 20 June 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of new standards: IFRS 17 "Insurance contracts"; IFRS 16 "Leases"; IFRS 9 "Financial instruments"; and IFRS 15 "Revenues from contracts with customers".
New
Recognition of intangible assets following a business combination.
Restatement
Restatement of segmental reporting structure.
Change
High yield bond funds included in analysis of unconsolidated structured entities.
Change
Auditors' report includes separate sections discussing director and auditor responsibilities.
Change
Extended disclosure of principal risks.

Disclosure of the impacts of IFRS 16 "Leases"

IFRS 16 “Leases” will fundamentally change accounting by lessees as it requires assets previously off balance sheet under operating lease arrangements to be brought on balance sheet as is currently the case for finance leased assets. As a result on application companies will recognise both additional assets and additional liabilities. Consequently there will also be knock on effects in the income statement as operating lease charges are replaced by a depreciation charge and a finance expense. This report analyses the financial statements of a range of companies to firstly establish whether there has been any early adoption and secondly to establish what companies are disclosing in respect of IFRS 16 and its future impacts.

Beazley plc Monitor

Beazley plc Annual Report 2016
CR Monitor Issue: 
2017/0506
Company covered: 
Beazley plc
Period End: 
31 December, 2016
Report issued on 9 May 2017 covered the following practice issues:
Change
Application of reverse acquisition accounting principles when establishing new holding company.
Change
Presentation of the auditors’ report enhanced by the introducing of an overview and graphical representations.
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.

Beazley plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2016/0313
Period End: 
30 June 2015
Listing Status: 
FTSE Mid 250
ICB Industry Classification: 
8536 Property & Casualty Insurance
Auditor: 
KPMG
Pronouncements
Movements in Level 3 fair value investments reconciled.
Change
Financial investments at fair value sub-divided into fixed and floating rate.
Change
Some investments classified as unconsolidated structured entities.
Change
Additional disclosure on Level 3 investments made.

Beazley plc Monitor

Beazley plc Annual Report 2013
CR Monitor Issue: 
2014/0513
Company covered: 
Beazley plc
Period End: 
31 December 2013
Report issued on 20 May 2014 covered the following practice issues:
Restatement
Reclassification reduces cash and cash equivalents by 44.5%.
Pronouncements
Retrospective adoption of pension rules changes pension asset into liability.
Pronouncements
External auditor changes the format of auditor's report.

Beazley plc Monitor

Beazley plc Annual Report 2012
CR Monitor Issue: 
2013/0318
Company covered: 
Beazley plc
Period End: 
31 December 2012
Report issued on 26 March 2013 covered the following practice issues:
Change
Collective impairment policy disclosed for financial assets at amortised cost.
Change
Estimated net loss from storm catastrophe in USA quantified.
Change
Two directors' non-attendance at AGM leads to corporate governance disclosure.

Beazley plc Period End 31 December 2010

Beazley plc Annual Report 2010
US$33.7 million income statement gain, along with an identical loss through other comprehensive income, arise from changing presentation and functional currency at different dates
Jersey registered insurance company Beazley changes from sterling to US dollar its presentation currency at the start of the year but changes its functional currency 3 months later leading to a US$33.7 million exchange gain in the income statement and “reversal” of this gain through other comprehensive income.